Question

After how many years does any rupee triple at \(16 \frac2 3\)% annual simple interest? 
1. 16 years
2. 20 years
3. 12 years
4. 24 years

Answer 1

Correct Answer - Option 3 : 12 years

Given:

Rate of interest(r) = \(16 \frac2 3\)% = 50/3 %

Time = T

Concept:

SI = (P × r × T)/100

Where,

P = Principal

r = rate of interest

T = time period

Calculation:

Let, the sum of money (P) be Rs. x

SI = (3x ─ x) = 2x

According to the questions,

⇒ 2x = (x × 50 × T)/300

⇒ (2x × 300)/(50 × x) = T

⇒ T = 12 years

∴ The required time is 12 years.